Research from Nielsen Australia reveals that Baby Boomers (defined as consumers aged between 55 and 74) are 16% more likely to feel financially secure than the average Australian. They are 43% more likely to spend on extras, and are reluctant savers.
Time and money
With more financial freedom and the time to enjoy it, Baby Boomers the world over are increasingly willing to adapt to the new ways of doing things. In Australia for example Boomers who say they are trying to keep up with technology have increased 10% in the past few years.
Some other notable findings out of Australia;
- Since 2014, Boomers use of laptops and tablets has increased 46% (largely at the expense of desktops). In the same period, 39% more Boomers are posting comments and reviews and 31% more use Netflix
- 20% say that they need to check social media daily
- 20% are heavy internet users, spending 20 hours (or more) in a typical week
- 50% are multi-screening – watching TV and using the internet at the same time – up 17% from 2016.
- 25% read digital magazines
- 74% use smartphones – up 9% since 2017
- At any given time, 5% of Boomers are looking to buy a Smart TV
While penetration is still low for smartwatches (4%) and fitness trackers (10%), Boomers increased their ownership of smartwatches by 25% over last year.
The marketing graveyard is littered with examples of brands that got this wrong
The conclusions are obvious. Media owners, publishers and the technology industry who remain paralysed by out-dated stereotypes of older consumers are missing a huge opportunity.
But don’t think it’s a simple matter to embrace them. The marketing graveyard is littered with examples of brands that got this wrong. As with any marketing initiative, the process must begin with a thorough understanding of the needs and wants of the consumer, in this case older consumers. What makes marketing to older consumers particularly challenging is the overlay of physiological ageing that requires re-assessment of each step along the customer journey.